Saudi Arabia's Real GDP Grows by 6.8% in Q3, 2021

Tuesday 1443/4/4 - 2021/11/09
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Riyadh, November 9, 2021, SPA -- The General Authority for Statistics (GASTAT) released today the flash estimates for the real Gross Domestic Product (GDP) for the third quarter (Q3) of 2021.
According to flash estimates by the GASTAT, the real GDP of Saudi Arabia grew by 6.8% in Q3/2021, compared to Q3/2020. This positive growth was due to the high increase in oil activities by 9.0% as a result of rising world demand for crude oil and the increase of Saudi production in 2021. Non-oil activities increased by 6.2% and government activities increased by 2.7% year-on-year.
The seasonally adjusted quarterly real GDP grew by 5.8% in Q3/2021, compared to the previous quarter (Q2/2021).
The flash estimates of quarterly GDP are calculated on the basis of estimates of quarterly national accounts with a short delay compared to the end of the reference quarter. At this time, the information relative to the most recent quarter is still partial and therefore subject to a relatively high level of approximation. The flash estimates of quarterly GDP in constant prices are published at approximately 40 days from the end of the reference quarter.
The estimation process is the same as that of quarterly national accounts computed under a full information dataset, but it adopts simplifying assumptions on extrapolations of some (monthly or quarterly) indicators used within the complete procedure. Several indicators are used related to production, expenditure, income, price, foreign trade. The flash estimates of quarterly GDP only cover the entire national economy and are presented without any sector detail.
--SPA
12:16 LOCAL TIME 09:16 GMT
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